Labor will release its 10-year economic plan on Wednesday, in response to the Turnbull government’s 10-year tax cut plan.

It comes at the mid-point of the election campaign, with both parties locked at 50:50 on a two party-preferred basis in this week’s Newspoll.

Labor leader Bill Shorten and the shadow treasurer, Chris Bowen, will release the plan in Brisbane, which they say has six key “priority areas” that will support Australia’s economic transition and boost productivity and living standards.

Australian’s living standards have been declining for the past two years, as measured by real net national disposable income.

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Labor has not centred its 10-year economic plan around tax cuts for big and small businesses, like the Coalition, instead it says it will only support tax cuts for businesses with an annual turnover of less than $2m.

Its six priority areas will see Labor focusing on boosting the quality of education and training; investing more in rail, roads and the NBN; driving investment in renewables and new industries; providing tax relief for startups and small businesses; better targeting tax concessions to middle and “working class” families; and ensure greater female participation in the workforce.

It has rested some of its infrastructure and education policies on advice from the Organisation for Economic Cooperation and Development (OECD).

“The contrast between Labor and the Liberals could not be more stark,” Shorten said.

“Mr Turnbull wants to give big business a $50 billion tax giveaway, while at the same time running down our human capital and skills base.

“Labor is the only party with a fair policy agenda that will ensure a successful economic transition, by investing in nation building infrastructure, and growing a stronger and more productive economy in the future by investing in our best resource – our people,” he said.

On education, Labor says it will introduce a Student Funding Guarantee to remove the need for higher tertiary fees. It also wants to boost university degree completions by 20,000 graduates each year from 2020.

It wants science, technology, engineering and maths (Stem) occupations to become a “national strength,” and will offer 100,000 Stem award degrees over five years, with the entire Hecs-Help debt to be written off upon graduation.

It wants to give Infrastructure Australia new powers to make infrastructure investments well-planned and well-targeted.

That includes a new $10bn financing facility to kick-start public infrastructure investment in priority projects like the Brisbane Cross River Rail, Melbourne Metro and Badgerys Creek Airport Link in Sydney.

It also says it will commit $59m to a Manufacturing Transition Boost jobs package to attract new investment in advanced manufacturing and help automotive businesses transition to new products and markets.

“Australia needs better than Malcolm Turnbull and the Liberals are offering,” Shorten said.

“We need a plan that will see middle and working class families prosper, so that Australia prospers.”